Trust me, this is an indispensable tool and you’ll want to set it up for your website.

Update: Google has added a third and easier verification method now. If you already have Google Analytics installed on your site, Google Webmaster Tools can use it to verify your site – no need for meta tags or file uploads!

Update 2: If you are using WordPress.com (rather than self-hosted WordPress.org), you can verify your blog with Google Webmaster Tools using this method.